Two ways of recovering the properties of the scrap plastics poly(ethylene terephthalate) (PET) and high-density polyethylene (HDPE) were analyzed: (1) blending incompletely segregated polymers with a compatibilizer and (2) blending nonsegregated polymers with a small amount (2 pph) of another compatibilizer. The advancement of the compatibilization reaction in a twin-screw extruder depended on the residence time and intensity of mixing according to melt viscosity measurements and scanning electron microscopy observations. The acceptable mechanical properties for systems with different PET contents were obtained in blends compatibilized with ethylene-glycidyl methacrylate (EGMA) and styrene-ethylene-butylene-styrene grafted with maleic anhydride. For a blend with 75% PET and 25% HDPE, the optimum content of EGMA was determined to be about 4 pph, and a film was produced with this composition. Admixtures present in recycled HDPE migrated to PET during blending and accelerated the hydrolysis of PET. As a result of migration, differences in the mechanical properties of the blends were observed, depending on the brand of recycled HDPE used. EGMA was also successfully used for the improvement of mechanical properties of a nonsegregated mixture based on PET. Tensile properties of two compatibilized PET-rich and HDPE-rich commingled scraps indicated the possibility of using these blends for film extrusion, with potential applications in the packaging of technical products.